U.S. Shares Down As Rising Oil Price
U.S. stocks had been down on Monday, weighed by technology stocks’ coal and petroleum questions answers sample lagging and issues coal and petroleum questions answers sample over elevating oil prices.
The Dow Jones Industrial Common finished down 0.7% to 12,090.03. The Nasdaq Composite Index slipped 1.4% to 745.63. The standard “>
The expertise stocks had been hurt as analysts downgrade this sector and investors feared rising power prices might have an effect on the industry.
Shares of Intel Corp. lost 1.6% after Wells Fargo “>
Shares of Cisco Systems Inc. and Boeing Co. shed 1.1% and 1.3% respectively.
Shares of Western Digital Corp. soared 16% after its agreement to purchase Hitachi’s onerous-disk-drive business.
Shares of Ciena Corp. lost 10% after it posted loss in the primary quarter due to a surge in working bills.
Crude oil prices climbed to $105.44 a barrel on the brand new York Mercantile Exchange. In Asia, oil prices jumped to above $106 a barrel Monday amid the escalating conflict in Libya. Battle in Libya was escalating. It was feared that the country’s output had been slashed much. Because the uprising final month, the output has fallen by at the least 1 million barrels per day. Traders are carefully watching this country.
Political unrest continued to shake the world’s key oil producing area. Within the Center East, Bahrain, Iran, the United Arab Emirates, Iraq, Kuwait, Oman, Qatar, and Saudi Arabia make up over 60 percent of the world’s confirmed oil reserves.
Traders additionally anxious concerning the scenario in Saudi Arabia. In a analysis note, Societe Generale said that unless provides from Saudi Arabia were continued, oil might attain $200 per barrel.
Analysts at Citigroup World Markets projected Brent crude to rise to an average of $105 in 2011.
The U.S. dollar strengthened slightly against the euro which was coal and petroleum questions answers sample trading at $1.3970, down from $1.3990 late Friday in New York. Gold futures closed at $1,434.50 an ounce.
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